The value of exported goods from Iceland in the year 2019 amounted to 641 billion ISK fob and the value of imported goods amounted to 755.7 billion ISK fob (807.2 billion ISK cif). Thus there was a trade deficit, calculated on fob value, of 114.7 ISK billion in 2019 compared with a trade deficit of 177.5 billion ISK in 2018 at current rates of exchange.1 Excluding ships and aircraft, the deficit of balance of trade in goods was 119.4 billion, compared with 162.4 billion ISK in the year before.
Value of marine products 8.5% higher than in 2018
The total value of exports of goods in 2019 was 38.9 billion ISK higher (6.5%) than in 2018 at current rates of exchange.1 Exports of aluminum and aluminum products had the largest share in exported manufacturing products or 33.1% of total exports. Marine products contributed to 40.6% of the total exports and their value was 8.5% higher than in 2018. Fresh fish and frozen fish fillets had the largest share in marine products. Fresh fish was 11.1% of total exports and frozen fish fillets were 10.7% of total exports. Largest trading countries in export of goods were the Netherlands, United Kingdom and Spain but 70.9% of all exports went to EU countries.
Decrease mainly in fuels and capital goods
The total value of imports of goods in 2019 was 24 billion ISK lower (3.1%) than in 2018 at current rates of exchange.1 The decrease is mainly in fuels and capital goods. The largest import categories were industrial supplies (28.8%) and capital goods (22.1%). The largest trading countries in imports of goods were Norway, the United States and Germany but 52% of all imports came from EU countries.
| The value of exports and imports in January - December 2018 and 2019 | |||
| Million ISK at current exchange rate | Change on prev. year at current exch. rates, % Jan - Dec | ||
| January - December | |||
| 2018 | 2019 | ||
| Exports fob, total | 602,102.5 | 640,954.3 | 6.5 |
| Marine products | 239,815.1 | 260,138.2 | 8.5 |
| Agricultural products | 20,479.3 | 30,816.4 | 50.5 |
| Manufacturing products | 321,055.8 | 306,948.0 | -4.4 |
| Other products | 20,752.3 | 43,051.7 | 107.5 |
| Imports fob, total | 779,616.2 | 755,655.6 | -3.1 |
| Food and beverages | 63,114.7 | 71,158.6 | 12.7 |
| Industrial supplies n.e.s. | 222,005.6 | 217,578.2 | -2.0 |
| Fuels and lubricants | 115,718.6 | 93,111.9 | -19.5 |
| Capital goods (except for transport) | 160,171.1 | 167,026.4 | 4.3 |
| Transport equipment | 115,869.5 | 102,629.6 | -11.4 |
| Consumer goods n.e.s. | 99,733.8 | 103,712.9 | 4.0 |
| Goods n.e.s. | 3,002.9 | 438.0 | -85.4 |
| Balance of trade | -177,513.7 | -114,701.24 | |
1) Statistics Iceland does no longer publish trade in goods at constant exchange rates. The breakdown of trade in goods by currencies is available on Statistics Iceland’s website.